FX.co ★ EURGBP Potential For Bearish Reversal | 29th March 2022

On the H4, price is dropping towards the ascending trendline. Price is near 1st resistance level of 0.83996 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Price can potentially dip to the 1st support level of 0.83227 which is in line with 78.6% Fibonacci retracement. Our bearish bias is supported by price trading below the Ichimoku cloud indicator. Alternatively, price might rise towards the 2nd resistance level at 0.84279 which is in line with 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 0.83996

Reason for Entry: 61.8% Fibonacci retracement and 161.8% Fibonacci extension.

Take Profit: : 0.83227

Reason for Take Profit: 78.6% Fibonacci retracement.

Stop Loss: 0.84279

Reason for Stop Loss:

78.6% Fibonacci retracement.